Tag: reinsurance company

2018 Hurricane Season should be an average one, says Munich Re

Logan B.
2018 Hurricane Season - Hurricane - Storm - Florida

The Germany based reinsurer is predicting fewer storms than 2017’s record breaking year. Munich Re is predicting an average 2018 Hurricane Season. This comes as somewhat of a relief following the record-breaking destruction left behind last year. The 2017 season brought insurance companies approximately $135 billion in costs. Munich Re is the second largest reinsurance company in the world and releases its predictions publicly. The world’s second biggest reinsurance company predicts that there will be notably fewer powerful tropical storms in the 2018 Hurricane Season than there were last year.…

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Munich Re profits likely to suffer as a result of 2017 hurricanes

Marc
Munich Re profits - Thunderstorm Rolling in

Harvey, Irma and Maria will take their tolls on the insurance and reinsurance giant. One of the largest insurers in the world has stated that hurricanes would cause it to suffer a loss as Munich Re profits prove inadequate. The company said its 2017 third quarter would record a loss as a result of Hurricanes Harvey, Irma and Maria. The insurer predicts that the hurricanes would cost $3.1 billion in its covered insured damages. These damages occurred in the United States and the Caribbean and the size of the losses…

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National Flood Insurance Program is privately reinsuring and will continue that trend

G. Turner
Flood Insurance Extension - Flooding

The flooding program under FEMA is working to transfer a huge amount of its risk to the private sector. The Federal Emergency Management Agency has now purchased reinsurance from private companies for its National Flood Insurance Program. The agreements officially became effective on September 19, 2016 and will continue coverage through March 19, 2017. That said, they have indicated intentions to purchase more coverage next year. The coverage has been purchased through Swiss Re America Corp., Transatlantic Reinsurance Co., and Munich Reinsurance America Inc. To reinsure the National Flood Insurance…

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Insurance company results drop at Berkshire Hathaway in Q1

Julie Campbell
Warren Buffett Berkshire Hathaway Insurance industry

The property and casualty business is sliding when compared to last year’s figures. In the first quarter of this year, the primary property and casualty Berkshire Hathaway insurance company operations have managed to record gains in the double digits for their pre-tax earnings, but this isn’t all good news. The reinsurance results have led to an operating earnings drop of 6.6 percent overall for the conglomerate. When Berkshire Hathaway Reinsurance Group’s first quarter figures are compared to the earnings from the first quarter of 2013, the situation looks even worse.…

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Swiss Re reports on commercial insurance market

Nordstrom
International Insurance fund news

Commercial insurance market facing new challenges as economies evolve Swiss Re, one of the world’s leading reinsurance groups, has released a new report concerning the state of the commercial insurance market and the challenges it is beginning to face. The report highlights the changes an evolving global economy are having on the commercial insurance market, suggesting that this evolution is producing new risks that could harm the market if proper precautions are not taken. Despite these risks, however, the commercial insurance market is showing aggressive growth, especially in under-developed countries.…

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Insurance news from Swiss Re shows need for longevity risk coverage

Julie Campbell
Insurance News on Insurance Market Calculations

The reinsurer points out a new market solution requirement in the industry. According to Swiss Re’s latest insurance news announcement, the capacity of insurers is not great enough to cover approximately $23 trillion of the pension liabilities around the world against the risk that policyholders will be living longer than originally anticipated. They recommend that the risk of longevity should be passed through to the investors. This insurance news was made in the second largest global reinsurer’s recent report. In this document, they pointed out that for every additional year…

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Military veterans targeted by insurers for new job opportunities

The property/casualty insurance industry is ramping up efforts to find new talent and many companies are looking to military veterans to answer the call for new hires. The insurance industry has long been one of the friendliest sectors for those retiring from military service and looking for work in the private sector. Military experience translates well into insurance because veterans are often instilled with a sense that problems must be solved properly and as quickly as possible. Aon Corporation, one of the world’s largest reinsurance and risk management firms, has…

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